Bank Petrocommerce reports $55 million in profits for first six months of 2014

Russia's Bank Petrocommerce recently reported results for the first six months of this year, announcing a profit of $55 million.

"Bank Petrocommerce continues to focus on boosting its capitalization and business efficiency by cutting costs and enhancing stronghold in the core segments generating high margins," Bank Petrocommerce CFO Elena Korekhova said.

The bank's interest income jumped by 23 percent to reach $280 million, while net fee and commission income rose by two percent to $30 million and net assets increased by eight percent to $7 billion.

The SME loan portfolio rose almost 30 percent to $35 million, compared to the average market growth of four percent. The corporate loan book expanded by five percent to $3.4 billion and the retail loan portfolio increased to $70 million.